Public sector trading major MMTC today said gold prices may hit a record high this month on robust demand.
“Gold prices in India may hit a record any time in May because of firm demand,” MMTC Chairman and Managing Director Sanjeev Batra said today. MMTC is the largest importer of gold in the country.
Gold prices in India had touched a record high of Rs. 18,340 per ten grams in December, 2009.
He also said that MMTC is likely to import seven per cent more gold this fiscal, at 200 tonnes, compared to 2009-10.
“MMTC is expected to import 200 tonnes of gold this fiscal compared to 186.83 tonnes in 2009-10. India, as a whole, imported 738.81 tonnes last fiscal,” he said.
Prices of the precious metal today skyrocketed by Rs. 495 to a five-month high of Rs. 18,000 per ten grams in the Delhi bullion market on heavy buying driven by an overseas rally.
The level was last seen on November 26, 2009.
Gold in global markets, which normally sets the price trend on the domestic front, recorded a handsome rally of $ 33.20 to $ 1,208.80 an ounce last evening.
MMTC’s net profits surged by 147.6 per cent to Rs. 98.95 crore for the fourth quarter ended March 31, 2010, over the same period last year.
Its net sales grew by 253.5 per cent to Rs. 17,230.05 crore for the quarter in comparison to the same period last year.